China’s new energy vehicle (NEV) retail sales increased month-on-month by a remarkable 17% in May 2024, CnEVPost reports, citing preliminary CPCA data.
This growth rate demonstrates the unstoppable adoption of clean energy vehicles, including battery-electric, plug-in hybrid, and hybrid, in the world’s largest auto market.
Passenger NEV retail sales – May 2024 & YTD
According to the report, passenger NEV retail sales reached a total of 790,000 units in May 2024. This sales result indicates growth of 17% month-on-month from April 2024 and 36% year-on-year from May 2023.
It is also worth noting that this recently released preliminary CPCA data surpassed the 770,000-unit estimate on May 23. The organization is set to publish the final sales figures later this month.
This year to date, passenger NEV retail sales has sold a total of 3.242 million units in the China. It indicates a notable sales increase of 34% YoY.
For reference, overall passenger vehicle retail sales dropped 3% YoY to 1.685 million units in May 2024 alone. Nonetheless, it recorded a 10% sales increase compared to the prior month.
This year to date, passenger vehicle retail sales increased 5% YoY to 8.052 million units in the Chinese market.
These preliminary data show that NEV penetration at retail was 46.88% in May 2024 and 40.26% YTD.
Presented below are the average daily retail sales of passenger cars in China (May 2024):
| Week of May | Average Daily Sales | Change YoY | Change vs. April |
| May 1-12 | 46,584 | -9% | +28% |
| May 13-19 | 44,338 | -7% | -2% |
| May 20-26 | 48,340 | -2% | -28% |
| May 27-31 | 95,507 | +6% | +27% |
Passenger NEV wholesale sales – May 2024 & YTD
China’s passenger NEV wholesale sales also enjoyed strong growth in May 2024. As per the data, wholesale sales increased 33% YoY and 15% MoM to 903,000 NEVs.
From January to May 2024, wholesale sales of passenger NEVs also surged 31% YoY to 3,643,000 units.
Meanwhile, overall passenger car wholesale sales totaled 2.01 million units in May 2024. Year to date, they have sold 9.56 million units (up 8% YoY).
Presented below are the average daily wholesale sales of passenger cars in China (May 2024):
| Week of May | Average Daily Sales | Change YoY | Change vs. April |
| May 1-12 | 33,580 | -11 | -10 |
| May 13-19 | 53,279 | 1 | 1 |
| May 20-26 | 68,138 | -5 | -30 |
| May 27-31 | 151,418 | 11 | 34 |
CPCA data points to continued momentum in EV uptake
CPCA’s preliminary data suggests that China’s electric vehicle market continues to enjoy strong sales momentum. While the focus is often on total monthly sales results, a deeper look at the daily sales breakdown revealed an interesting trend.
Although sales declined throughout May, the data indicates a positive trajectory for China’s EV market. Mid-month sales growth and solid closing days demonstrate that customer demand for clean energy vehicles remains strong.
China’s EV market will undoubtedly sustain this growth owing to its technological innovations backed by government incentives.
